Issue 13: ESTMA reporting analysis | KPMG | CA

Issue 13: ESTMA reporting analysis

Issue 13: ESTMA reporting analysis

The ESTMA reports are in – find out what companies reported and how NRCan thinks they did.

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Under the Extractive Sector Transparency Measures Act (ESTMA), 2017 marks the first year that companies operating in Canada that are engaged in commercial development of oil, gas or minerals are required to submit an annual report summarizing all payments made to governments in all jurisdictions, globally. For calendar year-end companies reports were due May 30, 2017.

KPMG analyzed the 377 ESTMA reports available on the NRCan website as of June 2017 and spoke to NRCan representatives to find out the approaches companies took to report payments, how companies did as a whole, some of the areas where the Act may require additional clarification, as well as a number of lessons that can be learned for next year. Some of the key areas where companies ran into issues included:

  • Foreign currency reporting
  • Double counting of payments
  • Lack of adherence to technical reporting specifications
  • Failing to report on a gross cash-basis
  • Lack of understanding/awareness of applicability of the Act.

For a more detailed overview of the first round of ESTMA reports as well as some takeaways and suggestions for preparing for next year, read the full article.

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